Welltower Reports Fourth Quarter 2018 Results
Quarterly Highlights
- Reaffirming 2019 FFO attributable to common stockholders guidance of
$4.10 to$4.25 per share, driven by total portfolio same store NOI growth of 1.25% to 2.25% - Generated
$552 million of gross proceeds from common stock issuances at an average price of$68.41 per share - Completed
$394 million of property sales and loan payoffs at a blended yield of 2.7% - Closed
$559 million of acquisitions at a blended yield of 5.6%, including$485 million of outpatient medical buildings at 5.5% yield - Seniors housing operating SSNOI grew 0.6% driven by a 40 bps increase in occupancy, the largest occupancy increase in over two years
- Appointed two national health care executives to the Board of Directors,
Karen DeSalvo , MD andJohnese Spisso , MPA, raising the representation of women and minorities among independent directors
Annual Highlights
- Total portfolio average SSNOI grew 1.6%, driven by four quarters of positive year over year growth in all segments
- Completed more than
$4 billion of gross investments, including$3.4 billion in acquisitions at a 7.3% yield and$290 million in development funding with a 7.6% yield - Delivered
$322 million of development projects with an 8.4% expected yield - Successfully closed
$1.9 billion of senior unsecured notes offerings across 3 tranches with an average maturity of 13.8 years and a blended yield to maturity of 4.3% - Generated
$795 million of gross proceeds from common stock issuances at an average price of$67.51 - Named to the Dow Jones Sustainability World Index for the first time and the Dow Jones Sustainability North America Index for the third consecutive year
"
Capital Activity On
Dividend The Board of Directors declared a cash dividend for the quarter ended
Notable Investments with
Hammes As previously announced, we acquired a 100% interest in a 23 property, Class-A medical office portfolio for
Medical Pavilion at Howard County
StoryPoint We expanded our relationship with StoryPoint through the formation of a new RIDEA joint venture. The initial transaction to seed the 90/10 RIDEA JV was the acquisition of a 199-unit private-pay combination IL/AL/MC community located in the
US Oncology We acquired an outpatient medical building in
Notable Development Starts
Atrium Health MOBs We closed on the construction loans related to two state-of-the-art "Class A+" medical office buildings under development in Charlotte, North Carolina to be delivered in mid 2020. Both buildings are 100% master-leased to Atrium Health (Moody's: Aa3) for 15 years. This project is part of a 5.5-acre multi-phase health care anchored mixed-use development located next to Atrium Health's flagship Carolinas Medical Center campus. Once completed, these assets will house integrated specialty clinical practices for Atrium Health including the Sanger Heart and Vascular Institute. As part of this transaction, we will form a joint venture with the highly reputable Southeast developer, Pappas Properties and will acquire a 75% ownership in the properties upon completion.
Notable Dispositions
QCP Non-Yielding and Non-Core During the fourth quarter, we completed the disposition of 40 non-yielding held-for-sale properties and 1 non-core held-for-sale property acquired in conjunction with the QCP transaction. We realized sales proceeds of
Brandywine As a part of the Brandywine RIDEA conversion, we completed the disposition of two assisted living communities. The gross purchase price based upon 100% ownership interest was
Kindred We completed the disposition of one long-term/post-acute facility for
Genesis In connection with its operational re-balancing, Genesis sold all of its assets and operations in the state of
Adventist We completed the disposition of two Outpatient Medical properties for
Outlook for 2019 Net income attributable to common stockholders guidance has been increased to a range of
- Same Store NOI: We continue to expect average blended SSNOI growth of approximately 1.25%-2.25% in 2019.
- Seniors Housing Operating approximately 0.5%-2.0%
- Seniors Housing Triple-net approximately 3.0%-3.5%
- Outpatient Medical approximately 1.75%-2.25%
- Health System 1.375%
- Long-term/Post-acute Care approximately 2.0%-2.5%
- General and administrative expenses: We anticipate annual general and administrative expenses of approximately
$130 million to$135 million , including$26 million of stock-based compensation. - Acquisitions: 2019 earnings guidance includes any acquisitions closed or announced year to date.
- Development: We anticipate funding development of approximately
$385 million in 2019 relating to projects underway onDecember 31, 2018 . - Dispositions: We anticipate disposition proceeds of approximately
$1.4 billion at a blended yield of 6.2% in 2019.
Our guidance does not include any additional investments, dispositions or capital transactions beyond those we have announced, nor any other expenses, impairments, unanticipated additions to the loan loss reserve or other additional normalizing items. Please see the exhibits for a reconciliation of the outlook for net income available to common stockholders to normalized FFO attributable to common stockholders. We will provide additional detail regarding our 2019 outlook and assumptions on the fourth quarter 2018 conference call.
Conference Call Information We have scheduled a conference call on
Supplemental Reporting Measures We believe that net income and net income attributable to common stockholders (NICS), as defined by
Historical cost accounting for real estate assets in accordance with
We define NOI as total revenues, including tenant reimbursements, less property operating expenses. Property operating expenses represent costs associated with managing, maintaining and servicing tenants for our seniors housing operating and outpatient medical properties. These expenses include, but are not limited to, property-related payroll and benefits, property management fees paid to operators, marketing, housekeeping, food service, maintenance, utilities, property taxes and insurance. General and administrative expenses represent costs unrelated to property operations or transaction costs. These expenses include, but are not limited to, payroll and benefits, professional services, office expenses and depreciation of corporate fixed assets. SSNOI is used to evaluate the operating performance of our properties using a consistent population which controls for changes in the composition of our portfolio. As used herein, same store is generally defined as those revenue-generating properties in the portfolio for the relevant year-over-year reporting periods. Land parcels, loans, and sub-leases as well as any properties acquired, developed/redeveloped (including major refurbishments where 20% or more of units are simultaneously taken out of commission for 30 days or more), sold or classified as held for sale during that period are excluded from the same store amounts. Properties undergoing operator transitions and/or segment transitions (except triple-net to seniors housing operating with the same operator) are also excluded from the same store amounts. Normalizers include adjustments that in management's opinion are appropriate in considering SSNOI, a supplemental, non-GAAP performance measure. None of these adjustments, which may increase or decrease SSNOI, are reflected in the company's financial statements prepared in accordance with
Our supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and ratings agencies in the valuation, comparison, rating and investment recommendations of companies. Our management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, they are utilized by the Board of Directors to evaluate management. The supplemental reporting measures do not represent net income or cash flow provided from operating activities as determined in accordance with
About
Forward-Looking Statements and Risk Factors This press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. When we use words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "pro forma," "estimate" or similar expressions that do not relate solely to historical matters, we are making forward-looking statements. In particular, these forward-looking statements include, but are not limited to, those relating to our opportunities to acquire, develop or sell properties; our ability to close anticipated acquisitions, investments or dispositions on currently anticipated terms, or within currently anticipated timeframes; the expected performance of our operators/tenants and properties; our expected occupancy rates; our ability to declare and to make distributions to shareholders; our investment and financing opportunities and plans; our continued qualification as a REIT; our ability to access capital markets or other sources of funds; and our ability to meet our earnings guidance. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause our actual results to differ materially from our expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to: the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators'/tenants' difficulty in cost-effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and seniors housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; our ability to transition or sell properties with profitable results; the failure to make new investments or acquisitions as and when anticipated; natural disasters and other acts of God affecting our properties; our ability to re-lease space at similar rates as vacancies occur; our ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant or joint venture partner bankruptcies or insolvencies; the cooperation of joint venture partners; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future investments or acquisitions; environmental laws affecting our properties; changes in rules or practices governing our financial reporting; the movement of
|
||||||||
Financial Exhibits |
||||||||
Consolidated Balance Sheets (unaudited) |
||||||||
(in thousands) |
||||||||
|
||||||||
2018 |
2017 |
|||||||
Assets |
||||||||
Real estate investments: |
||||||||
Land and land improvements |
$ |
3,205,091 |
$ |
2,734,467 |
||||
Buildings and improvements |
28,019,502 |
25,373,117 |
||||||
Acquired lease intangibles |
1,581,159 |
1,502,471 |
||||||
Real property held for sale, net of accumulated depreciation |
590,271 |
734,147 |
||||||
Construction in progress |
194,365 |
237,746 |
||||||
Gross real property owned |
33,590,388 |
30,581,948 |
||||||
Less accumulated depreciation and intangible amortization |
(5,499,958) |
(4,838,370) |
||||||
Net real property owned |
28,090,430 |
25,743,578 |
||||||
Real estate loans receivable |
398,711 |
495,871 |
||||||
Less allowance for losses on loans receivable |
(68,372) |
(68,372) |
||||||
Net real estate loans receivable |
330,339 |
427,499 |
||||||
Net real estate investments |
28,420,769 |
26,171,077 |
||||||
Other assets: |
||||||||
Investments in unconsolidated entities |
482,914 |
445,585 |
||||||
|
68,321 |
68,321 |
||||||
Cash and cash equivalents |
215,376 |
243,777 |
||||||
Restricted cash |
100,753 |
65,526 |
||||||
Straight-line rent receivable |
367,093 |
389,168 |
||||||
Receivables and other assets |
686,846 |
560,991 |
||||||
Total other assets |
1,921,303 |
1,773,368 |
||||||
Total assets |
$ |
30,342,072 |
$ |
27,944,445 |
||||
Liabilities and equity |
||||||||
Liabilities: |
||||||||
Borrowings under primary unsecured credit facility |
$ |
1,147,000 |
$ |
719,000 |
||||
Senior unsecured notes |
9,603,299 |
8,331,722 |
||||||
Secured debt |
2,476,177 |
2,608,976 |
||||||
Capital lease obligations |
70,668 |
72,238 |
||||||
Accrued expenses and other liabilities |
1,034,283 |
911,863 |
||||||
Total liabilities |
14,331,427 |
12,643,799 |
||||||
Redeemable noncontrolling interests |
424,046 |
375,194 |
||||||
Equity: |
||||||||
Preferred stock |
718,498 |
718,503 |
||||||
Common stock |
384,465 |
372,449 |
||||||
Capital in excess of par value |
18,424,368 |
17,662,681 |
||||||
|
(68,499) |
(64,559) |
||||||
Cumulative net income |
6,121,534 |
5,316,580 |
||||||
Cumulative dividends |
(10,818,557) |
(9,471,712) |
||||||
Accumulated other comprehensive income |
(129,769) |
(111,465) |
||||||
Other equity |
294 |
670 |
||||||
|
14,632,334 |
14,423,147 |
||||||
Noncontrolling interests |
954,265 |
502,305 |
||||||
Total equity |
15,586,599 |
14,925,452 |
||||||
Total liabilities and equity |
$ |
30,342,072 |
$ |
27,944,445 |
Consolidated Statements of Income (unaudited) |
||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||
|
|
|||||||||||||||||
2018 |
2017 |
2018 |
2017 |
|||||||||||||||
Revenues: |
||||||||||||||||||
Resident fees and service |
$ |
860,402 |
$ |
729,666 |
$ |
3,234,852 |
$ |
2,779,423 |
||||||||||
Rental income |
360,565 |
360,249 |
1,380,422 |
1,445,871 |
||||||||||||||
Interest income |
13,082 |
11,975 |
55,814 |
73,811 |
||||||||||||||
Other income |
7,194 |
2,367 |
29,411 |
17,536 |
||||||||||||||
Total revenues |
1,241,243 |
1,104,257 |
4,700,499 |
4,316,641 |
||||||||||||||
Expenses: |
||||||||||||||||||
Property operating expenses |
650,644 |
547,904 |
2,433,017 |
2,083,925 |
||||||||||||||
Depreciation and amortization |
242,834 |
238,458 |
950,459 |
921,720 |
||||||||||||||
Interest expense |
144,369 |
127,217 |
526,592 |
484,622 |
||||||||||||||
General and administrative expenses |
31,101 |
28,365 |
126,383 |
122,008 |
||||||||||||||
Loss (gain) on derivatives and financial instruments, net |
1,626 |
— |
(4,016) |
2,284 |
||||||||||||||
Loss (gain) on extinguishment of debt, net |
53 |
371 |
16,097 |
37,241 |
||||||||||||||
Provision for loan losses |
— |
62,966 |
— |
62,966 |
||||||||||||||
Impairment of assets |
76,022 |
99,821 |
115,579 |
124,483 |
||||||||||||||
Other expenses |
10,502 |
60,167 |
112,898 |
177,776 |
||||||||||||||
Total expenses |
1,157,151 |
1,165,269 |
4,277,009 |
4,017,025 |
||||||||||||||
Income (loss) from continuing operations before income taxes |
||||||||||||||||||
and other items |
84,092 |
(61,012) |
423,490 |
299,616 |
||||||||||||||
Income tax (expense) benefit |
(1,504) |
(25,663) |
(8,674) |
(20,128) |
||||||||||||||
Income (loss) from unconsolidated entities |
195 |
(59,449) |
(641) |
(83,125) |
||||||||||||||
Gain (loss) on real estate dispositions, net |
41,913 |
56,381 |
415,575 |
344,250 |
||||||||||||||
Income (loss) from continuing operations |
124,696 |
(89,743) |
829,750 |
540,613 |
||||||||||||||
Net income (loss) |
124,696 |
(89,743) |
829,750 |
540,613 |
||||||||||||||
Less: |
Preferred dividends |
11,676 |
11,676 |
46,704 |
49,410 |
|||||||||||||
Preferred stock redemption charge |
— |
— |
— |
9,769 |
||||||||||||||
Net income (loss) attributable to noncontrolling interests |
11,257 |
10,104 |
24,796 |
17,839 |
||||||||||||||
Net income (loss) attributable to common stockholders |
$ |
101,763 |
$ |
(111,523) |
$ |
758,250 |
$ |
463,595 |
||||||||||
Average number of common shares outstanding: |
||||||||||||||||||
Basic |
378,240 |
370,485 |
373,620 |
367,237 |
||||||||||||||
Diluted |
380,002 |
370,485 |
375,250 |
369,001 |
||||||||||||||
Net income (loss) attributable to common stockholders per share: |
||||||||||||||||||
Basic |
$ |
0.27 |
$ |
(0.30) |
$ |
2.03 |
$ |
1.26 |
||||||||||
Diluted |
$ |
0.27 |
$ |
(0.30) |
$ |
2.02 |
$ |
1.26 |
||||||||||
Common dividends per share |
$ |
0.87 |
$ |
0.87 |
$ |
3.48 |
$ |
3.48 |
Outlook reconciliations: Year Ending |
Exhibit 1 |
|||||||||||||||||
(in millions, except per share data) |
||||||||||||||||||
Prior Outlook |
Current Outlook |
|||||||||||||||||
Low |
High |
Low |
High |
|||||||||||||||
FFO Reconciliation: |
||||||||||||||||||
Net income attributable to common stockholders |
$ |
723 |
$ |
781 |
$ |
1,045 |
$ |
1,103 |
||||||||||
Impairments and losses (gains) on real estate dispositions, net(1,2) |
(174) |
(174) |
(448) |
(448) |
||||||||||||||
Depreciation and amortization(1) |
1,025 |
1,025 |
990 |
990 |
||||||||||||||
NAREIT and Normalized FFO attributable to common stockholders |
$ |
1,574 |
$ |
1,632 |
$ |
1,587 |
$ |
1,645 |
||||||||||
Per share data attributable to common stockholders: |
||||||||||||||||||
Net income |
$ |
1.88 |
$ |
2.03 |
$ |
2.70 |
$ |
2.85 |
||||||||||
NAREIT & Normalized FFO |
$ |
4.10 |
$ |
4.25 |
$ |
4.10 |
$ |
4.25 |
||||||||||
Other items:(1) |
||||||||||||||||||
Net straight-line rent and above/below market rent amortization |
$ |
(73) |
$ |
(73) |
$ |
(73) |
$ |
(73) |
||||||||||
Non-cash interest expenses |
21 |
21 |
21 |
21 |
||||||||||||||
Recurring cap-ex, tenant improvements, and lease commissions |
(124) |
(124) |
(124) |
(124) |
||||||||||||||
Stock-based compensation |
26 |
26 |
26 |
26 |
||||||||||||||
Note : (1) Amounts presented net of noncontrolling interests' share and |
||||||||||||||||||
(2) Includes estimated gains on projected dispositions. |
Normalizing Items |
Exhibit 2 |
||||||||||||||||||
(in thousands, except per share data) |
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||
|
|
||||||||||||||||||
2018 |
2017 |
2018 |
2017 |
||||||||||||||||
Loss (gain) on derivatives and financial instruments, net |
$ |
1,626 |
(1) |
$ |
— |
$ |
(4,016) |
$ |
2,284 |
||||||||||
Loss (gain) on extinguishment of debt, net |
53 |
(2) |
371 |
16,097 |
37,241 |
||||||||||||||
Provision for loan losses |
— |
62,966 |
— |
62,966 |
|||||||||||||||
Preferred stock redemption charge |
— |
— |
— |
9,769 |
|||||||||||||||
Nonrecurring interest expense |
— |
2,634 |
— |
2,634 |
|||||||||||||||
Incremental stock-based compensation expense |
— |
— |
3,552 |
— |
|||||||||||||||
Nonrecurring income tax benefits |
— |
17,354 |
— |
9,438 |
|||||||||||||||
Other expenses |
10,502 |
(3) |
60,167 |
112,898 |
177,776 |
||||||||||||||
Additional other income |
(4,027) |
(4) |
— |
(14,832) |
— |
||||||||||||||
Normalizing items attributable to noncontrolling interests and |
(338) |
(5) |
57,566 |
4,595 |
86,589 |
||||||||||||||
Net normalizing items |
$ |
7,816 |
$ |
201,058 |
$ |
118,294 |
$ |
388,697 |
|||||||||||
Average diluted common shares outstanding |
380,002 |
372,145 |
375,250 |
369,001 |
|||||||||||||||
Net normalizing items per diluted share |
$ |
0.02 |
$ |
0.54 |
$ |
0.32 |
$ |
1.05 |
|||||||||||
Note : (1) Primarily related to mark-to-market of Genesis HealthCare stock holdings. |
|||||||||||||||||||
(2) Primarily related to secured debt extinguishments. |
|||||||||||||||||||
(3) Primarily related to non-capitalizable transaction costs. |
|||||||||||||||||||
(4) Primarily related to the reversal of a contingent liability related to a prior year acquisition. |
|||||||||||||||||||
(5) Primarily related to non-capitalizable transaction costs in joint ventures. |
FFO Reconciliations |
Exhibit 3 |
|||||||||||||||||||
(in thousands, except per share data) |
Three Months Ended |
Twelve Months Ended |
||||||||||||||||||
|
|
|||||||||||||||||||
2018 |
2017 |
2018 |
2017 |
|||||||||||||||||
Net income (loss) attributable to common stockholders |
$ |
101,763 |
$ |
(111,523) |
$ |
758,250 |
$ |
463,595 |
||||||||||||
Depreciation and amortization |
242,834 |
238,458 |
950,459 |
921,720 |
||||||||||||||||
Impairments and losses (gains) on real estate dispositions, net |
34,109 |
43,440 |
(299,996) |
(219,767) |
||||||||||||||||
Noncontrolling interests(1) |
(17,650) |
(8,131) |
(69,193) |
(60,018) |
||||||||||||||||
Unconsolidated entities(2) |
13,910 |
16,980 |
52,663 |
60,046 |
||||||||||||||||
NAREIT FFO attributable to common stockholders |
374,966 |
179,224 |
1,392,183 |
1,165,576 |
||||||||||||||||
Normalizing items, net(3) |
7,816 |
201,058 |
118,294 |
388,697 |
||||||||||||||||
Normalized FFO attributable to common stockholders |
$ |
382,782 |
$ |
380,282 |
$ |
1,510,477 |
$ |
1,554,273 |
||||||||||||
Average diluted common shares outstanding: |
||||||||||||||||||||
For net income (loss) purposes |
380,002 |
370,485 |
375,250 |
369,001 |
||||||||||||||||
For FFO purposes |
380,002 |
372,145 |
375,250 |
369,001 |
||||||||||||||||
Per share data attributable to common stockholders: |
||||||||||||||||||||
Net income (loss) |
$ |
0.27 |
$ |
(0.30) |
$ |
2.02 |
$ |
1.26 |
||||||||||||
NAREIT FFO |
$ |
0.99 |
$ |
0.48 |
$ |
3.71 |
$ |
3.16 |
||||||||||||
Normalized FFO |
$ |
1.01 |
$ |
1.02 |
$ |
4.03 |
$ |
4.21 |
||||||||||||
Normalized FFO Payout Ratio: |
||||||||||||||||||||
Dividends per common share |
$ |
0.87 |
$ |
0.87 |
$ |
3.48 |
$ |
3.48 |
||||||||||||
Normalized FFO attributable to common stockholders per share |
$ |
1.01 |
$ |
1.02 |
$ |
4.03 |
$ |
4.21 |
||||||||||||
Normalized FFO payout ratio |
86 |
% |
85 |
% |
86 |
% |
83 |
% |
||||||||||||
Other items:(4) |
||||||||||||||||||||
Net straight-line rent and above/below market rent amortization |
$ |
(23,914) |
$ |
(18,692) |
$ |
(72,854) |
$ |
(72,838) |
||||||||||||
Non-cash interest expenses |
3,886 |
3,219 |
13,423 |
13,042 |
||||||||||||||||
Recurring cap-ex, tenant improvements, and lease commissions |
(31,664) |
(22,400) |
(88,408) |
(68,120) |
||||||||||||||||
Stock-based compensation(5) |
4,846 |
2,643 |
23,186 |
17,721 |
||||||||||||||||
Note : (1) Represents noncontrolling interests' share of net FFO adjustments. |
||||||||||||||||||||
(2) Represents Welltower's share of net FFO adjustments from unconsolidated entities. |
||||||||||||||||||||
(3) See Exhibit 2. |
||||||||||||||||||||
(4) Amounts presented net of noncontrolling interests' share and |
||||||||||||||||||||
(5) Excludes certain severance related stock-based compensation recorded in other expense and normalized incremental stock-based compensation expense (see Exhibit 2). |
SSNOI Reconciliations |
Exhibit 4 |
|||||||||||||||||||||||||||||||||
(in thousands) |
Three Months Ended |
|||||||||||||||||||||||||||||||||
March 31, |
June 30, |
September 30, |
December 31, |
|||||||||||||||||||||||||||||||
2018 |
2017 |
2018 |
2017 |
2018 |
2017 |
2018 |
2017 |
|||||||||||||||||||||||||||
Net income (loss) |
$ |
453,555 |
$ |
337,610 |
$ |
167,273 |
$ |
203,441 |
$ |
84,226 |
$ |
89,299 |
$ |
124,696 |
$ |
(89,743) |
||||||||||||||||||
Loss (gain) on real estate dispositions, net |
(338,184) |
(244,092) |
(10,755) |
(42,155) |
(24,723) |
(1,622) |
(41,913) |
(56,381) |
||||||||||||||||||||||||||
Loss (income) from unconsolidated entities |
2,429 |
23,106 |
(1,249) |
3,978 |
(344) |
(3,408) |
(195) |
59,449 |
||||||||||||||||||||||||||
Income tax expense (benefit) |
1,588 |
2,245 |
3,841 |
(8,448) |
1,741 |
669 |
1,504 |
25,663 |
||||||||||||||||||||||||||
Other expenses |
3,712 |
11,675 |
10,058 |
6,339 |
88,626 |
99,595 |
10,502 |
60,167 |
||||||||||||||||||||||||||
Impairment of assets |
28,185 |
11,031 |
4,632 |
13,631 |
6,740 |
— |
76,022 |
99,821 |
||||||||||||||||||||||||||
Provision for loan losses |
— |
— |
— |
— |
— |
— |
— |
62,966 |
||||||||||||||||||||||||||
Loss (gain) on extinguishment of debt, net |
11,707 |
31,356 |
299 |
5,515 |
4,038 |
— |
53 |
371 |
||||||||||||||||||||||||||
Loss (gain) on derivatives and financial instruments, net |
(7,173) |
1,224 |
(7,460) |
736 |
8,991 |
324 |
1,626 |
— |
||||||||||||||||||||||||||
General and administrative expenses |
33,705 |
31,101 |
32,831 |
32,632 |
28,746 |
29,913 |
31,101 |
28,365 |
||||||||||||||||||||||||||
Depreciation and amortization |
228,201 |
228,276 |
236,275 |
224,847 |
243,149 |
230,138 |
242,834 |
238,458 |
||||||||||||||||||||||||||
Interest expense |
122,775 |
118,597 |
121,416 |
116,231 |
138,032 |
122,578 |
144,369 |
127,217 |
||||||||||||||||||||||||||
Consolidated NOI |
540,500 |
552,129 |
557,161 |
556,747 |
579,222 |
567,486 |
590,599 |
556,353 |
||||||||||||||||||||||||||
NOI attributable to unconsolidated investments |
21,620 |
21,279 |
21,725 |
21,873 |
22,247 |
22,431 |
21,933 |
21,539 |
||||||||||||||||||||||||||
NOI attributable to noncontrolling interests |
(31,283) |
(27,542) |
(30,962) |
(29,359) |
(37,212) |
(30,538) |
(40,341) |
(29,760) |
||||||||||||||||||||||||||
Pro rata NOI |
530,837 |
545,866 |
547,924 |
549,261 |
564,257 |
559,379 |
572,191 |
548,132 |
||||||||||||||||||||||||||
Non-cash NOI attributable to same store properties |
(11,220) |
(9,985) |
(7,131) |
(8,059) |
(8,578) |
(10,761) |
(12,019) |
(9,384) |
||||||||||||||||||||||||||
NOI attributable to non-same store properties |
(55,795) |
(84,139) |
(98,281) |
(107,931) |
(109,610) |
(119,574) |
(121,255) |
(114,345) |
||||||||||||||||||||||||||
Currency and ownership(1) |
(823) |
4,002 |
1,105 |
5,945 |
3,255 |
1,839 |
4,270 |
1,184 |
||||||||||||||||||||||||||
Other adjustments(2) |
425 |
(536) |
(724) |
(2,516) |
(593) |
10,892 |
(158) |
10,293 |
||||||||||||||||||||||||||
Same store NOI (SSNOI) |
$ |
463,424 |
$ |
455,208 |
$ |
442,893 |
$ |
436,700 |
$ |
448,731 |
$ |
441,775 |
$ |
443,029 |
$ |
435,880 |
||||||||||||||||||
Seniors housing operating |
$ |
213,588 |
$ |
212,306 |
$ |
207,601 |
$ |
207,304 |
$ |
224,652 |
$ |
224,079 |
$ |
223,670 |
$ |
222,312 |
||||||||||||||||||
Seniors housing triple-net |
120,582 |
117,064 |
103,783 |
100,615 |
90,663 |
87,026 |
91,684 |
87,939 |
||||||||||||||||||||||||||
Outpatient medical |
79,659 |
77,421 |
81,232 |
79,638 |
82,623 |
80,928 |
83,007 |
81,572 |
||||||||||||||||||||||||||
Long-term/post-acute care |
49,595 |
48,417 |
50,277 |
49,143 |
50,793 |
49,742 |
44,668 |
44,057 |
||||||||||||||||||||||||||
Total SSNOI |
$ |
463,424 |
$ |
455,208 |
$ |
442,893 |
$ |
436,700 |
$ |
448,731 |
$ |
441,775 |
$ |
443,029 |
$ |
435,880 |
||||||||||||||||||
Average |
||||||||||||||||||||||||||||||||||
Seniors housing operating |
0.6 |
% |
0.1 |
% |
0.3 |
% |
0.6 |
% |
0.4 |
% |
||||||||||||||||||||||||
Seniors housing triple-net |
3.0 |
% |
3.1 |
% |
4.2 |
% |
4.3 |
% |
3.7 |
% |
||||||||||||||||||||||||
Outpatient medical |
2.9 |
% |
2.0 |
% |
2.1 |
% |
1.8 |
% |
2.2 |
% |
||||||||||||||||||||||||
Long-term/post-acute care |
2.4 |
% |
2.3 |
% |
2.1 |
% |
1.4 |
% |
2.1 |
% |
||||||||||||||||||||||||
Total SSNOI growth |
1.8 |
% |
1.4 |
% |
1.6 |
% |
1.6 |
% |
1.6 |
% |
||||||||||||||||||||||||
Note : (1) Includes adjustments to reflect consistent property ownership percentages and foreign currency exchange rates for properties in the |
||||||||||||||||||||||||||||||||||
(2) Includes other adjustments as described in the respective Supplements. |
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